Specialist lines underwriting agency, CFC has announced the launch of its latest cyber policy, CPM. Based on over 13 years experience of insuring against cyber risks, the new policy has been redesigned to include crucial new coverage that truly reflects the changing landscape of cyber risk worldwide.
Unlike many policies that are simply a carbon copy of those sold in the US and focussed on privacy and data breach notification, CPM takes a bold step in embracing and tackling head on the issue of cyber crime faced by companies operating across different territories around the world including the “new” crimes of phishing scams, telephone hacking, identity theft, wire fraud and cyber extortion.
Graeme Newman, Director at CFC, explains, “There is a significant gap in the market for cyber cover that resonates with companies all over the world; we sought to address that with our CPM redesign. In the US, purchasing a cyber policy is mainstream due to the class action culture and tough privacy and data breach legislation. But in the rest of the world, other concerns such as business interruption, system damage and, in particular, cyber crime are top of the agenda.
He continues, “Cyber crime is now one of the fastest growing areas of crime in the world and worth almost as much as the drugs trade. Every year criminals are targeting companies of every size and in every market to the tune of almost $400bn. Many insurers, however, have failed to embrace these differences and build policies that are appropriate for each individual territory.”
CPM is a fully combined modular policy that is tailored to the individual needs of companies operating in every single territory across the world. Features of the policy include comprehensive cyber crime cover, both first and third party privacy breach notification costs, and innovative business interruption cover which not only covers lost revenue during system downtime but also the loss of future revenue due to consequential reputational harm. And unlike many cyber policies, CPM does not impose a retroactive date meaning that there is no restriction on when an event which gave rise to a claim occurred. Premiums start from as little as £300.
